Cummins posts Q2 profit
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Columbus-based Cummins Inc. (NYSE: CMI) is reporting second quarter net income of $702 million, compared to $600 million during the same period last year. New Chief Executive Officer Jennifer Rumsey says demand for the company’s products remained strong across most of its key markets and regions, apart from China.
The company is also reporting revenues of $6.6 billion during the quarter. Cummins says sales in North America increased 15% while international revenues decreased 2%, driven mainly by a slowdown in China and the indefinite suspension of the company’s operations in Russia.
“High inflation and rising global interest rates have increased uncertainty about the pace of growth in the global economy,” said Rumsey. “Demand for Cummins’ products and services remains strong, and as a result we have maintained our projection for full year revenues and profitability from three months ago. We continue to monitor economic conditions closely and will adjust our operating plans should the outlook for our core markets weaken.”
In April, Cummins completed the $325 million acquisition of Jacobs Vehicle Systems, a Connecticut-based manufacturer of engine braking and cylinder deactivation systems. During the second quarter, Cummins also announced decarbonization collaborations with Daimler Truck North America and Komatsu.
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